Today, Rentomojo has introduced smartphone rentals. RentoMojo is consumer leasing Platform that allows users to rent furniture, appliances, vehicles, etc. This change is expected to increase the number of customers and thus, transactional volumes of the company. These rentals let users rent a smartphone on a monthly basis as well as for long-term periods.

In Starting, the company is offering the iPhone X, the iPhone 8 and a Google Pixel 2, Google Home, Galaxy S9 and Galaxy Note 8 to users. Rent of these devices varies between Rs 2,099 to Rs 9,299. These devices can be rented to customers for six, twelve, eighteen and twenty-four-month duration. The rent of device varies depending on the price and condition of the device. The availability of these devices may vary according to the city of the customer. If the tenure of rent is longer, more benefits are offered to the user. The service of this company is currently available in Bengaluru, Delhi, Gurgaon, Mumbai, and Noida and is expected to expand to Chennai, Hyderabad, and Pune in the next quarter.

Along with the rent of device, the customer also has to pay an initial deposit of one or two months rental amount at the time of booking of the device. The deposit is refundable. The company even lets the customer keep the device permanently if the customers pay the balance amount to the company. The currently available devices on this platform are flagship devices, that cannot be afforded by many. The company says it is planning on introducing affordable smartphones on its platform. The company claims that it has about 50,000 active users at the moment. Most of the users are college students.

The founder and CEO of RentoMojo (online Rental and financing marketplace) said, “With this solution, you can lease out a phone for certain time period with the option to own or return it whenever you want. We are looking at this (category) accounting for 40% of our overall revenue at scale and increasing our customer base by 50% in the next few quarters.”

He also said that company is also discussing with other players to increase the number and variety of devices on this platform.

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